Redistributed from the California Tax and Fee Administration – Cannabis Special Notice——————————————————————————- On and after January 1, 2023, distributors, including microbusinesses that distribute cannabis, will no longer be responsible for collecting and paying the cannabis excise tax to the California Department of Tax and Fee Administration (CDTFA) for cannabis or cannabis products sold or transferred to cannabis retailers. Cannabis […]
The enactment of Assembly Bill 141 on July 12, 2021 radically altered the taxability of cannabis trade samples. Effective September 29, 2021, excise tax no longer applied to cannabis flower or cannabis products provided to other licensees as trade samples. But not all licensees can give out trade samples: only cultivators, manufacturers, distributors, and microbusinesses, […]
How to navigate reporting and paying taxes on cash income without being able to get a business bank account? Does the IRS care whether the income reported is cash from growing Cannabis? Find out in this panel discussion with Simon Menkes, CPA.